The founder of flatsharing platform Spareroom, Rupert Hunt, has revealed that he started and grew the business without any outside investment.
In an interview with the Love Money website, Hunt says that lack of outside investment forced him to be ‘resourceful and creative’ and find ways of expanding the business that didn’t cost much money. These included organising speed flat mating events and offering his own spare rooms on a ’pay what you can afford basis’ which generated substantial publicity for Spareroom.
Hunt told the website: “My number one piece of advice for entrepreneurs would be to treat investors as a last resort rather than a foregone conclusion.
“Remember that there are so many free and low-cost ways of finding customers and growing your business.”
In times when pursuing a ‘fundraising round’ seems more important than proving the actual business idea for many new start ups Hunt’s revelation brings us refreshingly down to earth. Many will agree with the thinking that if the concept is strong enough it ought to be able to stand on its own two feet.